Blumont's offer for Genesis extended
Blumont Group on Thursday said that its all-share bid for all of Australia-listed miner Genesis Resources has been extended because it is missing information from Genesis needed to produce a shareholder circular.
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Jamie Lee
11 September 2014
Blumont Group on Thursday said that its all-share bid for all of Australia-listed miner Genesis Resources has been extended because it is missing information from Genesis needed to produce a shareholder circular.
Blumont said that it needs to provide a "qualified person's report" to its shareholders, to seek approval for this deal.
"Blumont has not been able to prepare that qualified person's report to date because that report, in part, needs to be based on information prepared by Genesis," Blumont said in a regulatory filing.
"Blumont understands that the information will shortly be made available by Genesis."
Accordingly, the takeover offer is now scheduled to close on Feb 13, 2015.
The stock, along with two others, was part of the infamous penny stock crash that wiped out billions of dollars in market value last year.